BTC price nears eight-month high above $85K: Five things to know in Bitcoin this week
Bitcoin climbed to about $85,248 on Monday, reaching its highest level since Jan. 29 as price momentum pushed BTC toward a near eight-month peak. The rally coincided with large crypto liquidations, renewed inflows into US spot Bitcoin ETFs and easing oil prices below $94 per barrel amid reported diplomatic talks involving the US and Iran.
Why It Matters
The move brings Bitcoin close to the breakeven point for many US spot-BTC ETF investors and coincides with shifts in ETF flow leadership and macro developments that may influence risk assets, including falling oil prices and changing Fed rate-hike odds.
Key Facts
- Peak price: $85,248 on Monday (highest since Jan. 29)
- Weekly close: $81,120 (highest weekly close since week of May 4)
- ETF investor breakeven: US spot BTC ETF cost basis about $85,638 (Glassnode)
- Corporate treasury cost basis: Around $80,500
- 24-hour crypto liquidations: Over $600 million (CoinGlass)
Bitcoin rose to roughly $85,248 on Monday, marking its strongest level since late January and creating a new 33-week high. The advance followed a weekly close of $81,120 and triggered significant short liquidations across the market: CoinGlass reported more than $600 million in cross-crypto 24-hour liquidations. Price has reclaimed the 50-week exponential moving average near $77,769, a level some analysts cited as a prerequisite for further upside.
Technical commentary showed mixed signals. Analyst Rekt Capital highlighted a bearish divergence on the daily relative strength index (RSI), where lower RSI highs accompanied higher price highs, suggesting potential vulnerability to a rapid reversal. With the return to the mid-$80,000s, the daily RSI was approaching the 70 mark commonly viewed as overbought.
The rally also moved many investor cohorts back into aggregate profit. Corporate Bitcoin treasuries have an estimated cost basis near $80,500, while onchain data from Glassnode put the cost basis for US spot Bitcoin ETF investors at about $85,638 — close to current prices. ETF flows were strong late in the prior week: US spot Bitcoin ETFs recorded net inflows of $435 million on Friday, the largest daily total since Sept. 3, and Fidelity’s Wise Origin Bitcoin Fund (FBTC) notably accounted for roughly $310 million of that inflow, outpacing BlackRock’s IBIT on Sept. 18 according to onchain analytics discussions.
Macro developments accompanied the crypto moves. WTI crude oil, which had spiked above $100 per barrel the prior week, traded below $94 on Monday amid reports of renewed diplomatic exchanges aimed at the US-Iran situation; Qatari officials said talks had been ongoing for weeks. On rates, the CME Group’s FedWatch Tool indicated markets assigned about a 53% chance to a 25-basis-point Fed hike in October and close to a 40% chance of an additional 25-basis-point increase before year-end, framing the backdrop for risk-asset allocation and investor sentiment.
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